Crypto Super PACs Spent $176 Million on the Midterms, and Democrats Still Took Congress

The crypto industry poured record money into this election, yet Democrats won both chambers. Super PACs backing the sector spent about $176 million across 100 seats, well above the $130 million of 2024, and now face a Washington that is likely to look at the industry much more closely.

Sherrod Brown Returns Despite $64 Million in Crypto Spending

Ohio was the largest gamble. PACs put more than $64 million behind Republican Jon Husted, but Democrat Sherrod Brown won the special election and will serve until January 2029. He is a possible candidate for a senior role on the Senate Agriculture Committee, which oversees the CFTC. Elizabeth Warren, a sharp critic of crypto, is now in line to lead the Senate Banking Committee. Brown made the spending part of his campaign message, which may weaken the idea that opposing these PACs carries a price.

Where Fairshake Won and Lost

Fairshake and its affiliates spent $154.5 million across 89 races. Its $13.5 million effort helped Pete Ricketts hold Nebraska, and its other Senate wins came in Alabama and Kentucky. It lost in Illinois, Massachusetts and Texas, and House digital assets chair Bryan Steil was defeated despite $1.9 million in support.

What Comes Next for Crypto in Washington

Fairshake still holds over $67 million for 2028. Kyle Bligen of the Decentralization Research Center expects more scrutiny, while BitGo’s Mike Belshe says progress will continue under any majority. Stand With Crypto counted 19 pro crypto Senate winners and eight opponents among the 33 races called.